Goldman Sachs is pulling back from replacing departing employees as part of a broader set of cost-cutting initiatives after laying off 3,200 staff earlier this year in its deepest cuts since 2008.

In a presentation for its 2023 investor day, chief financial officer Denis Coleman said that it was "curtailing hiring of normal course attrition" of employees so that it can instead focus on "prioritising strategic hires". The moves would provide $600m in run-rate payroll reductions, he added.